CBA drops 2-year fixed home loan rate to new low
The Commonwealth Bank has announced a number of changes to its fixed rate home loans this morning, including a new low rate of 1.94% (3.93% comparison rate*) for owner occupier borrowers on a 2-year fixed term.
The changes, which come into effect today, apply to numerous owner occupier and investor variations of the bank’s Fixed Rate and Fixed Rate Home Loan (Wealth Package) products, with cuts between 10-30 basis points and increases of 20 basis points.
Some of the notable rate movements include:
Owner occupiers
- 10bp cuts to 1-year fixed rates which means the lowest rate now available is 2.09% (4.11% comparison rate*)
- 20bp cuts to 2-year fixed rates which means the lowest rate now available is 1.94% (3.93% comparison rate*)
- 20bp increases to 4-year fixed rates which means the lowest rate now available is 2.19% (3.73% comparison rate*)
Investors
- 20bp cuts to 2-year fixed rates which means the lowest rate now available is 2.49% (4.49% comparison rate*)
- 30bp cuts to 3-year fixed rates which means the lowest rate now available is 2.39% (4.31% comparison rate*)
Today’s cuts bring the Commonwealth Bank’s fixed rates for owner occupiers more in line with major bank competitors, with both NAB and Westpac having made reductions to their respective 2-year fixed rate offers in recent weeks.
NAB dropped rates last week to as low as 1.89% (3.77% comparison rate*) on its Tailored Home Loan (Choice Package) while Westpac’s cuts of up to 20bp earlier in March means rates on the Fixed Options Home Loan (Premier Advantage Package) are sitting as low as 1.89% (3.46% comparison rate*) for a 2-year fixed term.
As the table below shows, major bank offers - particularly on 2-year fixed terms - remain relatively competitive compared to the average and leading fixed rates** in the Mozo database.
| Term | Rate leader | Fixed rate | Average |
| 1-year | Greater Bank | 1.69% (3.49% comparison rate*) | 2.34% |
| 2-year | Homestar | 1.74% (2.23% comparison rate*) | 2.31% |
| 3-year | UBank | 1.75% (2.22% comparison rate*) | 2.35% |
| 4-year | Bank of Melbourne & St.George | 1.94% (3.21% comparison rate*) | 2.36% |
| 5-year | Aussie | 1.99% (2.37% comparison rate*) | 2.62% |
RELATED: The best home loans in Australia for 2021
Thinking about locking in your own home loan rate? One great place to start is by checking out our recently released 2021 Mozo Experts Choice Awards which include winners in the best Fixed Rate Home Loan category.
Or take a trip over to our handy comparison tables to compare home loans from even more lenders on everything from interest rates and fees to handy features.
**Accurate as of March 22, 2021 and based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. For more information on average mortgage rates, check out our Australian home loan statistics page.
-
Promoted
Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.30
%
p.a.
- Initial monthly repayment
-
$2,899
Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.85% p.a. (6.36% p.a.*)
2 years - 5.69% p.a. (6.30% p.a.*)
3 years - 5.69% p.a. (6.26% p.a.*)
4 years - 5.69% p.a. (6.23% p.a.*)
5 years - 5.89% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Promoted
Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.08
%
p.a.
- Initial monthly repayment
-
$2,899
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.85% p.a. (6.14% p.a.*)
2 years - 5.69% p.a. (6.08% p.a.*)
3 years - 5.69% p.a. (6.04% p.a.*)
4 years - 5.69% p.a. (6.00% p.a.*)
5 years - 5.69% p.a. (5.97% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Promoted
Optimum Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
- LVR <80%
Go to site- Interest rate
-
5.89
%
p.a.
Fixed 1 year
- Comparison rate
-
6.30
%
p.a.
- Initial monthly repayment
-
$2,962
Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.
- interest rate
-
1 year - 5.89% p.a. (6.53% p.a.*)
2 years - 5.69% p.a. (6.42% p.a.*)
3 years - 5.59% p.a. (6.30% p.a.*)
- Fixed loan revert rate
-
6.60% p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
-
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
$2,500,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $20,000 p.a. during fixed rate term
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$1.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and exit fee at cost. Valuation fee charged at cost, starting from $132.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about SWSbank home loans
Go to site -
Promoted
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2024
- Investor Fixed Home Loan - 2024
Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
Go to site- Interest rate
-
5.99
%
p.a.
Fixed 2 years
- Comparison rate
-
6.21
%
p.a.
- Initial monthly repayment
-
$2,995
Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
- interest rate
-
1 year - 6.49% p.a. (6.28% p.a.*)
2 years - 5.99% p.a. (6.21% p.a.*)
3 years - 6.29% p.a. (6.27% p.a.*)
4 years - 6.49% p.a. (6.35% p.a.*)
5 years - 6.49% p.a. (6.37% p.a.*)
- Fixed loan revert rate
-
6.23% p.a.
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$2,500,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Promoted
Fixed Rate Home Loan
- Owner Occupier
- LVR<80%
Go to site- Interest rate
-
5.99
%
p.a.
Fixed 2 years
- Comparison rate
-
6.26
%
p.a.
- Initial monthly repayment
-
$2,995
Get repayment security with fixed rates from one to five years. Free extra repayments of up to $25,000 during the fixed rate period. Fix a portion of your loan and leave the rest variable. Borrow up to 95% of the property value. Choose to repay weekly, fortnightly, or monthly.
- interest rate
-
1 year - 6.54% p.a. (6.34% p.a.*)
2 years - 5.99% p.a. (6.26% p.a.*)
3 years - 6.39% p.a. (6.35% p.a.*)
4 years - 6.49% p.a. (6.39% p.a.*)
5 years - 6.49% p.a. (6.41% p.a.*)
- Fixed loan revert rate
-
6.29% p.a.
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site -
Promoted
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.30% p.a.*)
2 years - 5.69% p.a. (6.20% p.a.*)
3 years - 5.69% p.a. (6.16% p.a.*)
4 years - 5.89% p.a. (6.19% p.a.*)
5 years - 5.89% p.a. (6.17% p.a.*)
- Fixed loan revert rate
-
6.24% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site
-
Optimum Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
- LVR <80%
Go to site- Interest rate
-
5.89
%
p.a.
Fixed 1 year
- Comparison rate
-
6.30
%
p.a.
- Initial monthly repayment
-
$2,962
Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.
- interest rate
-
1 year - 5.89% p.a. (6.53% p.a.*)
2 years - 5.69% p.a. (6.42% p.a.*)
3 years - 5.59% p.a. (6.30% p.a.*)
- Fixed loan revert rate
-
6.60% p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
-
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
$2,500,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $20,000 p.a. during fixed rate term
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$1.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and exit fee at cost. Valuation fee charged at cost, starting from $132.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about SWSbank home loans
Go to site -
Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.08
%
p.a.
- Initial monthly repayment
-
$2,899
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.85% p.a. (6.14% p.a.*)
2 years - 5.69% p.a. (6.08% p.a.*)
3 years - 5.69% p.a. (6.04% p.a.*)
4 years - 5.69% p.a. (6.00% p.a.*)
5 years - 5.69% p.a. (5.97% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.30% p.a.*)
2 years - 5.69% p.a. (6.20% p.a.*)
3 years - 5.69% p.a. (6.16% p.a.*)
4 years - 5.89% p.a. (6.19% p.a.*)
5 years - 5.89% p.a. (6.17% p.a.*)
- Fixed loan revert rate
-
6.24% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.30
%
p.a.
- Initial monthly repayment
-
$2,899
Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.85% p.a. (6.36% p.a.*)
2 years - 5.69% p.a. (6.30% p.a.*)
3 years - 5.69% p.a. (6.26% p.a.*)
4 years - 5.69% p.a. (6.23% p.a.*)
5 years - 5.89% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2024
- Investor Fixed Home Loan - 2024
Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
Go to site- Interest rate
-
5.99
%
p.a.
Fixed 2 years
- Comparison rate
-
6.21
%
p.a.
- Initial monthly repayment
-
$2,995
Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
- interest rate
-
1 year - 6.49% p.a. (6.28% p.a.*)
2 years - 5.99% p.a. (6.21% p.a.*)
3 years - 6.29% p.a. (6.27% p.a.*)
4 years - 6.49% p.a. (6.35% p.a.*)
5 years - 6.49% p.a. (6.37% p.a.*)
- Fixed loan revert rate
-
6.23% p.a.
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$2,500,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Fixed Rate Home Loan
- Owner Occupier
- LVR<80%
Go to site- Interest rate
-
5.99
%
p.a.
Fixed 2 years
- Comparison rate
-
6.26
%
p.a.
- Initial monthly repayment
-
$2,995
Get repayment security with fixed rates from one to five years. Free extra repayments of up to $25,000 during the fixed rate period. Fix a portion of your loan and leave the rest variable. Borrow up to 95% of the property value. Choose to repay weekly, fortnightly, or monthly.
- interest rate
-
1 year - 6.54% p.a. (6.34% p.a.*)
2 years - 5.99% p.a. (6.26% p.a.*)
3 years - 6.39% p.a. (6.35% p.a.*)
4 years - 6.49% p.a. (6.39% p.a.*)
5 years - 6.49% p.a. (6.41% p.a.*)
- Fixed loan revert rate
-
6.29% p.a.
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site
Your selected home loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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